Here I’m really defining the problem, and I do so in depth at another part of this site in more depth - http://leverlaw.com/insolvency.html.
No other bankruptcy attorney I am aware of explains this to potential clients, and certainly not to the extent that we do. Most people just think they don’t have enough money to pay their bills this month and it is a temporary cash flow problem and not a structural problem like the foundation of a house cracking. But that’s what insolvency is. You may just notice cracks in your ceiling and wall and not realize there’s a foundational problem if its your house. Likewise, you may notice the symptoms of insolvency more than realize this is the cause of your financial distress.
Insolvency is when you’ve gone beyond the point of no return. Absent a highly improbable event, such as winning the lottery, you will not be able to dig yourself out of the financial hole that you’re in.
This is why bankruptcy exists. It is not to help lazy people or people merely reluctant to pay their bills. It is to help people who don’t really have any other good alternative.
Why does insolvency happen? For many reasons. Yet whether it is because of misfortune or mistake that you got here, it is better to get the help you need than to stay in a debtor’s prison that you create through shame, guilt or just inaction.
Call us today for a free consultation and put this all behind you.
